Savannah morning news. [volume] (Savannah) 1868-1887, 1887-04-02
THE LAND STOCK.
Bear Movement Temporarily AZ
fccts the Market.

fccts the Market.
From THURSDAYS Rome 6 ~ Bulletin.
Some operators have been attempting
to bear the Land CompanY's stock. They
succeeded in checking the rise yesterday
morning and the night before, and even
pulled it down few points. They took
eagerly of 1t at 200, and yesterday Crane,
Nermllye IL WiDgfeld sold about sixty
snares all the way from l95 TO 220. AT
night nothing was left on the market as
low as 200, and we may expect to
see the stock considerably higher
since the transfers are accomplished
ana the Rome and Carrollton con-
structlon Is announced 10 begin In
thirty days, and tracklaying on the Rome
and Decatur Will begin at this end IN
about twenty days. According to prices
on all sides OF the company's property,
their options are worth at least three for
one on cost, and the location OF rolling
mill and furnace will make them still
more valuable. The stock is lntrinsically
worth more than it has ever sold for, and
no Dear movement can have more than
temporary effect. 1t is probable that the
prospect OF heavy assessments in
the near future facilitated the
bear movement. If, for instance,
Az per cent. should be called in at once
some parties who have taken on more
than they were able to carry will be in
the market as sellers for a day or two pre-
vlcus to the day on which the assess
ments tall due. When that date passes
all the subscriptions Will have been paid
up, whether by present holders or by buy
ers OF their stock aud those no then have
1t, being in possession of full paid up
stock, Will be in position to hold indet-
hnnVpnt
market, with buyers more numerous and
eager than sellers, and the stock will at
once begin TO climb. IL Will
not stop until 1t has passed
the highest point yet recorded. 1t is
possible that some few parties tOreseeing
this very natural movement OF stock dur
Ing theInext thirty days have sold at 200 TO
800, expecting to buy back the same
amount during the few days lmn ediately
| previous to assessments falling due at
few points less than present prices. Any
attempt TO bear this stock should be dep
recated, because 1t is recognized as the
| pulse of public confidence. 1t also rep
resents the savings of great many who
cannot afford to lose their little all, but
| might, on account of ineXperlence in
| such matters, become nervous and sell
out for much less than the intrinsic value
OF the stock. and much less than it will
De sure to bring before long.
The trustees of the Land Company have
decided to adhere to their original plan
and issue $l,000,000 worth of stock, Of
which 100000 goes 10 the original sub
scribers and $400, 900 to be preferred stock
and sold at par by the company. This
will put $500, 900 cash into the treasury IN
addition To the $150,000 already secured.
The preferred stock and the common
stock will both bear 6 per cent. interest,
and after certain amount is set aside for
improvements the rest of proceeds from
sale oil land, after paying interest on CON-
mon and preferred stock, will go to pay
back subscribers to preferred stock.
When that is paid their stock becomes
common. This is, substantially, the plan,
but may be somewhat modified.
Wednesday night the officers OF the
Rome street railroad formally turned the
charter and franchise, with the property
over TO the Land, Iron and improvement
Company. The latter company holds the
stock of the street railroad, W hich will be
preserved as a separate corporation,
though owned and controlled by the Land
Company. The business OF the street rail-
road has increased 100 per cent. since the
extension to East Rome depot. and the
road is paying a good dividend on the
stock. 1t will prove a valuable property
| to the Land Company.